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Transferring money to Colombia

I intend to buy an apartment here for $100,000 in order to obtain residency. So, I cannot pay less than this amount, and I don't have a penny more to spend.

Unfortunately, the peso seems so volatile at the moment, that there is a good chance that, after making an offer, I will attempt to transfer the money only to find I have a lot more or a lot less money than 3 days earlier.

So... given that I dont have a bank account here... is there another way to convert my money to pesos now, so I know how much I've got to spend. Perhaps, an international bank? Or something else??

By usher127 on Aug 19, 2007, 15:40 in Visa & paperwork.

eldorado says on Aug 19, 2007, 19:12:

The dollar is very volatile now you are right !
Since you don’t have a bank account you will have a choice to wire the funds directly to the seller account…..that can be delicate….have a lawyer draft a good contract ¨promesa de venta¨ that will cover your interest and also check with the bank manager in colombia for the rules for wiring money and be sure that they are ready and aware to receive it….you don’t want them to send it back

There may be a possibility to send pesos from the US... inform the bank in the US to send the wire in pesos…..but you may get a very low rate for your dollars….check it well before you do it

One very important thing to beware of….be sure that your 100k transfer is registered as your foreign investment….be sure that the bank fill a form number 4…other wise the bank of the republica will not recognize it as a foreign investment and you will not be able to obtain residency for it
There are few posting here regarding the issue just search for Inversionista visa
Good luck

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tomtom33 says on Aug 20, 2007, 04:06:

You could try to negotiate a purchase price in dollars. Also, Colombia will levy a tax of 0.4% or so on the transfer. The tax will not count toward the $100,000. Clsoing amounts will also not count. So it will cost you a few dollars more than the $100,000.

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